Delancey Real Estate, on behalf of its client, a UK pension fund, has secured a pre-let to Polymax at Proxima Park, its Grade A industrial and logistics development in Waterlooville, as the latest phase of the scheme reached Practical Completion.

Polymax has taken the 43,000sq ft Unit 520, committing to the building during construction. The new unit provides Polymax with a future-proofed headquarters from which it can continue to expand, whilst supporting the company’s sustainability credentials.

An established international manufacturer and distributor of rubber products, Polymax has more than 50 years’ experience and is one of the UK’s largest distributors of standard rubber products.

The letting coincided with Practical Completion of Plot 500 this month, which has delivered two new detached Grade A industrial and logistics units. Alongside Polymax’s 43,000 sq ft Unit 520, the development has also delivered the 51,000 sq ft Unit 510, which remains available to let.

The latest milestone continues the strong leasing performance at Proxima Park, where approximately 200,000 sq ft of Grade A industrial and logistics space has been delivered since 2020.

Development began with Phase 1, which delivered 13 units ranging from 3,000 sq ft to 20,000 sq ft, all of which are now fully let, alongside a 45,000 sq ft design-and-build facility for Coopers Fire. In 2022, the next phase of speculative development delivered the detached 42,000 sq ft Unit 320, which was subsequently let to Kite Packaging.

Proxima Park has attracted a strong roster of occupiers including Polymax, Rentokil and Pelham Healthcare, demonstrating continued demand from established businesses for high-quality, sustainable and well-connected industrial and logistics space.

The progress at Proxima Park demonstrates Delancey’s approach to enhancing asset performance and supporting sustainable long-term value creation.

Mark Enderby at Delancey, said: We are delighted to welcome Polymax to Proxima Park where they join an excellent roster of established businesses. With approximately 280,000 sq ft now delivered across the Park, only Unit 510 now remains available within the latest phase. We are very pleased with the momentum at Proxima Park.

Securing Polymax during construction is a strong endorsement of both the quality of the space we are delivering at Proxima Park and our approach to creating best-in-class buildings that meet the evolving requirements of modern occupiers.

Looking ahead, Plot 200 represents the final remaining development opportunity at Proxima Park and is earmarked to deliver a further approximately 115,000 sq ft across five units. A reserved matters application for the next phase has been submitted.

More broadly, we continue to see strong occupier demand across our portfolio, including positive momentum within the industrial sector, as we are nearing completion of two warehouse units in Heathrow and Reading. We also are on site at Patchway Enterprise Park, Bristol with 131,000 sft across two standalone units due to be complete in January 2027, with a further two planning permissions received for 175,000 sq ft across 4 units within the estate.”

Rishi Nijhawan, Managing Director at Polymax, said:
“Negotiating a lease and tailoring a new building to the needs of a growing business inevitably brings its share of technical and commercial challenges. What made the experience at Proxima Park so positive was the way the Delancey team approached those challenges. Delancey, together with David Kilby of Bourne Wood Partnership, were responsive, pragmatic and genuinely collaborative throughout.

They delivered a high-specification, well-finished building on time and worked patiently with us to customise it around the practical needs of our business. With its EPC A+ rating and BREEAM Outstanding credentials, Proxima Park  gives us a modern and sustainable home that we can be proud of, and one that will support Polymax’s continued growth for many years to come.”